We are in a bull market; Nifty may touch 9K by Jan 2017: Experts

The Nifty today hit a fresh 2016 high at 8,300 level, climbing 86 points in trade. The Sensex improved one percent to 27,016.04 level. India continues to be a part of the global rally, says Dilip Bhat of Prabhudas Lilladher. Even without adequate foreign investor support, buying and short covering was seen from domestic investors. Nirmal Jain, Chairman of IIFL believes that India is in a bull market despite some dips. Underlying factors, in medium-term, are positive with monsoon playing out well and government initiatives.“The market is trying to get into a higher orbit,” says Jai Bala of cashthechaos.com. He expects Nifty to touch 8600-8700 in short to medium term. Bank Nifty, in a 3 to 9 months frame, will hover in the range of 22,000-29,000. Bhat expects Nifty to go to 9,000 level in January-March 2017 period. Monsoon and 7th Pay Commission will boost corporate earnings and subsequent growth. However, Independent market expert Ambareesh Baliga believes that movement in small and midcap names is slightly worrying. He recommends every dip as a buying opportunity. Watch videos for more..